Shiba Inu Price Awaits Recovery As Shibarium Launch On This Date

Shiba Inu (SHIB), the world’s second largest meme crypto has managed to keep up the anticipation building around the launch of Shibarium. However, Shiba Inu coin price action does not reflect the excitement running among the community. Experts suggest that Shibarium is holding impressive growth ahead for the SHIB network.

Can Shiba Inu make a comeback?

Shiba Inu with the global digital asset had a very rough 2022. However, the hype around the launch SHIB’s layer-2 blockchain, Shibarium has led the Shiba Inu coin towards a much needed price recovery since January 1, 2023. However, the traders’ sentiments have improved much as the crypto market cap breached the crucial $1 trillion mark.

Data depicts that Shiba Inu coin price have jumped by 51% over the past 30 days. SHIB is trading at an average price of $0.000012, at the press time. Its 24 hour trading volume is up by 63% to stand at $324 million.

Despite the recent price surge, Shiba Inu has failed to give out desirable gains to many holders. SHIB price has slid by 3% over the last 7 days. This directly indicates that the Shiba Inu Coin Market Value to Realised Value (MVRV) is still in the undervalued range.

Expert suggests that the current positive market sentiment indicates that an altcoin rally is in sight. However, the catch is that macro-factors need to remain favorable.

ETH whales scooping more SHIB

Data provided by Whalestats presents a very supporting picture for the SHIB holders. The top 100 Ethereum (ETH) whales are holding more than $600 million worth of Shiba Inu coin. This makes SHIB the biggest token held by dollar value.

While, WhaleAlert went on to move more than 3 billion SHIB (approx worth $38.3 million) in a single transaction.